{"id":1785,"date":"2021-05-16T16:22:29","date_gmt":"2021-05-16T16:22:29","guid":{"rendered":"https:\/\/www.propertypistol.com\/blog\/?p=1785"},"modified":"2021-05-17T04:39:33","modified_gmt":"2021-05-17T04:39:33","slug":"naredco-has-sought-relief-measures-for-the-builders-amid-pandemic","status":"publish","type":"post","link":"https:\/\/www.propertypistol.com\/blog\/naredco-has-sought-relief-measures-for-the-builders-amid-pandemic\/","title":{"rendered":"NAREDCO has sought relief measures for the builders amid pandemic"},"content":{"rendered":"\n<p>On Wednesday, the <strong>real estate <\/strong>body, <strong><a href=\"https:\/\/www.propertypistol.com\/blog\/naredco-encourage-builders-to-install-isolation-facilities-for-construction-workers\/\">NAREDCO<\/a><\/strong> declared that it has requested the <strong>Chief Minister <\/strong>of <strong>Uttar Pradesh<\/strong>, <strong>Yogi Adityanath <\/strong>to provide relief measures to the <strong>real estate <\/strong>developers amid the <strong><a href=\"https:\/\/www.propertypistol.com\/blog\/covid-resources-for-everyone-in-need\/\">CoronaVirus pandemic<\/a><\/strong>. They asked for an 18-month interest-free period for all the builders so that they can clear the lease rent, outstanding land dues, and other payments.<\/p>\n\n\n\n<!--more-->\n\n\n\n<p>For the smooth completion of projects, The\nNational <strong>Real Estate <\/strong>Development\nCouncil (<strong>NAREDCO<\/strong>) has also asked for\nthe extension of the time period along with other relief measures in order to\nhand over the possession of flats to the homebuyers.<\/p>\n\n\n\n<p>In his letter to CM Yogi Adityanath, R K Arora, the Chairman of <strong>NAREDCO<\/strong> UP said that the <strong>real estate <\/strong>industry has been neglected and is a victim of all bad situations, in spite of its capabilities and vast potential to support the economy.<\/p>\n\n\n\n<p>Construction at the <strong><a href=\"https:\/\/propertypistol.com\/\">real estate <\/a><\/strong><a href=\"https:\/\/propertypistol.com\/\">projects<\/a> has always been the casualty for master plan issues, environmental issues, labor exodus, legal issues, and groundwater issues, and now <strong>COVID-19. <\/strong>Due to this, many projects are being delayed which is causing defaulted land payments, liquidity crisis, and of course, cost escalation.<\/p>\n\n\n\n<p>As there is a significant delay in the completion of the <strong><a href=\"https:\/\/propertypistol.com\/builder-service\">real estate <\/a><\/strong><a href=\"https:\/\/propertypistol.com\/builder-service\">projects<\/a>, homebuyers have started feeling agitated. A large number of complaints are being received on consumer forums, <a href=\"https:\/\/www.propertypistol.com\/blog\/some-important-things-you-need-to-know-about-rera-act\/\">RERA<\/a>, and civil courts. This is causing developers to pay heavy fines.<\/p>\n\n\n\n<p>While treating the <strong>CoronaVirus pandemic <\/strong>as \u2018 National Natural Calamity\u2019, <strong>NAREDCO <\/strong>UP asked the<strong> Chief Minister <\/strong>to allow relief to the<strong> real estate <\/strong>sector by issuing\ndirections to the industrial development authorities.<\/p>\n\n\n\n<p>The demands include an 18-month zero period\nalso known as the interest-free period on the dues to the Yamuna Expressway\nAuthorities, Greater Noida, and Noida from allottee builders against the\nconstruction days that are lost due to the pandemic.<\/p>\n\n\n\n<p>The <strong>NAREDCO <\/strong>letter asked to withdraw the time extension charges placed on all projects, which was forcing the builders to pay fines.<\/p>\n\n\n\n<p style=\"font-size:12px\"><em><strong>Disclaimer:&nbsp;<\/strong>The views expressed above are for informational purposes only based on industry reports and related news stories. PropertyPistol does not guarantee the accuracy, completeness, or reliability of the information and shall not be held responsible for any action taken based on the published information<\/em>.\n\n<\/p>\n","protected":false},"excerpt":{"rendered":"<p>On Wednesday, the real estate body, NAREDCO declared that it has requested the Chief Minister of Uttar Pradesh, Yogi Adityanath to provide relief measures to the real estate developers amid the CoronaVirus pandemic. They asked for an 18-month interest-free period for all the builders so that they can clear the lease rent, outstanding land dues, [&hellip;]<\/p>\n","protected":false},"author":2,"featured_media":1786,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_eb_attr":"","_lmt_disableupdate":"","_lmt_disable":"","footnotes":""},"categories":[35],"tags":[62],"class_list":["post-1785","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news","tag-realty-amid-covid","entry"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v23.3 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>NAREDCO has sought relief measures for the builders amid pandemic - PropertyPistol Blog<\/title>\n<meta name=\"description\" content=\"The National Real Estate Development Council (NAREDCO) declared that it has requested the Chief Minister of Uttar Pradesh, Yogi Adityanath to provide relief measures to the real estate developers amid the CoronaVirus pandemic.\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.propertypistol.com\/blog\/naredco-has-sought-relief-measures-for-the-builders-amid-pandemic\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"NAREDCO has sought relief measures for the builders amid pandemic - 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